(1) A choice you can make under this Part or Part 3 - 3 must be made:
(a) by the day you lodge your * income tax return for the income year in which the relevant * CGT event happened; or
(b) within a further time allowed by the Commissioner.
(2) The way you (and any other entity making the choice) prepare your * income tax returns is sufficient evidence of the making of the choice.
(3) However, there are some exceptions:
(aa) subsection 115 - 230(3) (relating to assessment of * capital gains of resident testamentary trusts) requires a trustee to make a choice by the time specified in subsection 115 - 230(5); and
(b) subsections 152 - 315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing.
Note: This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .